This document discusses key concepts in marketing including why marketing is important, how marketing is defined, and how marketing strategies have changed over time. It outlines the traditional 4Ps of marketing - product, price, place, and promotion. It also discusses challenges small and medium enterprises may face from globalization and possible strategies to address these challenges such as creating market awareness, identifying new markets, and improving competitiveness.
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This document discusses key concepts in marketing including why marketing is important, how marketing is defined, and how marketing strategies have changed over time. It outlines the traditional 4Ps of marketing - product, price, place, and promotion. It also discusses challenges small and medium enterprises may face from globalization and possible strategies to address these challenges such as creating market awareness, identifying new markets, and improving competitiveness.
Original Description:
This ppt is a basic presentation on marketing, intended for the beginers.
This document discusses key concepts in marketing including why marketing is important, how marketing is defined, and how marketing strategies have changed over time. It outlines the traditional 4Ps of marketing - product, price, place, and promotion. It also discusses challenges small and medium enterprises may face from globalization and possible strategies to address these challenges such as creating market awareness, identifying new markets, and improving competitiveness.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online from Scribd
This document discusses key concepts in marketing including why marketing is important, how marketing is defined, and how marketing strategies have changed over time. It outlines the traditional 4Ps of marketing - product, price, place, and promotion. It also discusses challenges small and medium enterprises may face from globalization and possible strategies to address these challenges such as creating market awareness, identifying new markets, and improving competitiveness.
Copyright:
Attribution Non-Commercial (BY-NC)
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Download as PPT, PDF, TXT or read online from Scribd
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Marketing and
Entrepreneurship Dr. Tejinder Sharma Department of Commerce KU, Kurukshetra 136119 sharmatejinder@gmail.com Layout Why marketing? What constitutes marketing? Changing facets of marketing Strategies for SMEs Why marketing? Wherever there are competing alternatives, and transactions, there is marketing. Irrespective of the nature of firm, marketing is important. – Armed forces – Charitable organisations – Religious organisations – Hospitals – Educational institutions Drivers of marketing Technology Globalisation of economy Competition Mergers and acquisitions Retailing boom Availability of information Marketing defined Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services to create exchanges that satisfy individual and organisational goals. (AMA) Marketing redefined Marketing is the process of delivering value to the customers. Value = Benefits Costs
Value = Functional + Emotional
. Monetary + Time + Energy + Psychic Marketing Mix Set of marketing tools that the firms use to pursue their marketing objectives in the target market. Common classification of the marketing tools is: * Product * Price * Place * Promotion Product A Product is anything that can be offered to satisfy a want or a need. The products include: * Physical goods * Services * Experiences * Events * Persons * Places * Properties * Organisations * Ideas Product redefined A product is a solution to customers’ problems
There can be alternative solutions to
the problems
Customers chose the solution which
offers them the best value Product life cycle
S Maturity
A L E Growth s Decline
Introduction
Time Price What is given to get something. It can be in the forms of monetary cost, time, energy and psychic costs. Pricing Objectives Market penetration strategy Market skimming strategy Partial/full cost recovery strategy Social price Common pricing methods Mark-up pricing Target return pricing Perceived value pricing Value pricing Going rate pricing Tender pricing Geographical/Discriminatory pricing Place Making the product available to the right customer at the right time in the right form.
Customer service output
* Lot size * Waiting time * Spatial convenience * Product variety Promotion Making/persuading the customers buy the products. The tools for promotion are: * Advertisements * Sales promotion * Publicity * Word of mouth communication Changing philosophies of marketing Production concept – The consumers will prefer the products that are widely available and are inexpensive. (Nirma, Parachute, Lakhani, etc.) Product concept – The consumers will favour those products that offer the most performance, or innovative features. (Web TV) How can the public know what kind of car they want until they see what is available (GM) Changing philosophies of marketing Selling concept – The consumers, if left alone, will ordinarily not buy enough of the firm’s products. So, the firm must undertake aggressive selling and promotion efforts. (Coke, Pepsi, Koutons, Maruti, Bajaj) Changing philosophies of marketing Marketing concept – The key to achieving a firm’s goals lies in the firm being more effective than the competitors in creating, delivering and communicating customer value to its chosen target markets. – Meeting the ends profitably – Partners for profit Changing philosophies of marketing Societal marketing concept – A firm’s task is to determine the needs, wants, and interests of the target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumers’ and society’s well-being. Strategy formulation for SMEs Defining Business Mission – External (ETOP) analysis – Internal environment (SWOT) analysis Goal formulation Strategy formulation Programme formulation Implementation Feedback and control - Impact of globalization
Access to markets Access to finance Access to business development services Legal and regulatory system Infrastructure and logistics Challenge From Globalization The sub-continents’s awareness and preparedness for WTO is limited, of SME units even worse MSME sector most vulnerable to impact of WTO. The impacts are – Import of consumer goods from East Asia and China – Shift in procurement by large companies from SSIs to overseas suppliers – Inability of SMEs to implement anti-dumping measures and counter other unfair practices such as moves by competitors to patent traditional Indian products and brands. – Continuing of imports through illegal channels via neighboring countries Possible Responses to Challenges
Create awareness regarding WTO issues
Identify and tap new markets Promote inter regional trade Encourage linkage with large corporates Improve governance and environmental/ social compliance Increase competitiveness by – Improving manpower skills – Moving up value chain – International benchmarking – Build intellectual property rights Key to success Winning attitude Keeping the eyes and ears open Love thy market and not the product Waking up and going to work Thank you
From Product to People: The 8Ps of Marketing: A Comprehensive Guide to Modern Marketing. Excellent Marketing Strategies for Success in a Digital World.
From Product to People: The 8Ps of Marketing: A Comprehensive Guide to Modern Marketing. Excellent Marketing Strategies for Success in a Digital World.
